At a glance
BJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $342.0M in assets, the 8th largest of that group. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +19.9% a year. At its worst it fell 26.9% in the 2020 crash (S&P 500: 33.7%) and 17.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - January (BJAN) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to give S&P 500 exposure with a loss buffer and a gain cap that reset each January. From January 1 to December 31, 2026, it aims to absorb the first 9% of SPY losses and caps gains at 16.46%, before fees. Its 0.79% expense ratio is below the 0.86% average for similar buffer funds.
Price history
The interactive chart needs JavaScript.
BJAN +13.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BJAN official prospectus, to Dec 31, 2024 | — | +14.79% | — | +10.95% | — | +12.61% |
| BJAN price data to Oct 27, 2026 | +10.8% | +13.5% | +19.9% | +10.6% | — | +12.6% |
- Over the year to Oct 27, 2026, BJAN returned +13.5%, 1st of 8 among similar funds.
- Its 5-year annualized return was +10.6%.
- In the 2020 COVID crash it fell 26.9% and regained its old high 4.6 months after the low.
- Its worst full calendar year was 2022 (-11.4%); its best was 2023 (+23.7%).
- The deepest fall in its price history was 26.9% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 10, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +14.8% | +14.79% |
| 2024 | +17.4% | +17.22% |
| 2023 | +23.7% | +23.48% |
| 2022 | -11.4% | -11.21% |
| 2021 | +13.9% | +13.98% |
| 2020 | +12.5% | +12.53% |
| 2019 | +20.7% | +21.37% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.9% over that stretch · deepest drop along the way 26.9%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.4% over that stretch · deepest drop along the way 17.4%, back to its old high 8.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2019 | $1.3600 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $51.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.91%, -0.17%, +0.60%.
How it works
BJAN does not pick stocks. Under normal conditions, it invests at least 80% of net assets in instruments tied to the State Street SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. It does this mainly through FLEX Options. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, it held four FLEX options on SPY expiring in December, plus 0.28% in cash. A deep in-the-money call moves with SPY. A bought put and a sold put together create the buffer. A sold call sets the cap.
Each outcome period runs from January 1 to December 31. For 2026, the cap is 16.46% and the buffer covers the first 9% of SPY losses, both before fees. After the 0.79% fee, they are 15.67% and 8.21%. If SPY fell 20%, the fund would aim to lose about 11% before fees. Losses beyond the buffer pass through one-for-one. At year-end, the options expire. The fund collects their cash value and invests in a new set with a new cap.
These targets apply only to investors who hold for the full period. They are measured on net asset value (NAV), not market price. Investors who enter mid-year or exit early can get very different results, and innovatoretfs.com/bjan updates the figures daily. Because the options track SPY's share price, holders generally do not receive SPY's dividends.
What it really costs
- BJAN charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BJAN | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It holds S&P 500 exposure but uses options to soften the first 9% of yearly losses, and it gives up gains above a cap in return.
BJAN could offer a gentler way to hold U.S. large-company stocks, but the cushion has limits. In the 2020 COVID crash, it fell 26.9% between February 19 and March 23, 2020. It recovered by August 10, 2020, about 4.6 months later. In the 2022 bear market, it dropped 17.4% and recovered by June 30, 2023, about 8.6 months later. Its worst calendar year was 2022, at -11.2%. It launched in 2019, so it has no record from 2008.
The buffer applies only from January 1 to December 31. Someone who has to cash out mid-year may not get its full benefit. The fund paid no income in the last year, so any withdrawals would mean selling shares. In the SEC's standard $10,000 example, costs total $81 after one year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a 9% buffer before fees (8.21% after fees) against losses in each January-to-December period.
- Holders who can invest near January 1 and stay in through December 31, the only window where the stated buffer and cap fully apply.
- Cost-conscious buffer-fund investors: its 0.79% expense ratio ties for lowest among eight similar funds, against a 0.86% average.
Look elsewhere if
- Investors who need regular income: BJAN paid no distributions in the last year and generally gives up SPY's dividends.
- Anyone expecting full stock-market gains: 2026 returns are capped at 15.67% after fees, however much SPY rises.
- Those wanting protection in deep crashes: it fell 26.9% in early 2020, and losses beyond the buffer pass through one-for-one.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BJAN this fund | 0.79% | $342.0M | +13.5% | +19.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BJAN pay dividends?
No. BJAN paid no distributions in the 12 months through October 27, 2026, so its trailing yield was 0%. The fund holds FLEX options on SPY rather than the stocks themselves. Those options are tied to SPY's share price, so holders generally do not receive the dividends that S&P 500 companies pay. Retirees who want regular cash payouts would need to get it from other holdings or by selling shares.
How does the BJAN buffer work?
BJAN aims to absorb the first 9% of SPY losses over each January 1 to December 31 outcome period, before fees. After its 0.79% fee, the 2026 buffer is 8.21%. In return, 2026 gains are capped at 16.46% before fees, or 15.67% after. If SPY fell 20% over the year, the fund would aim to lose about 11% before fees. Losses beyond 9% pass through one-for-one. The buffer is not guaranteed.
What happens if you invest in BJAN in the middle of the year?
You may get a different buffer and cap than the ones stated. Those outcomes apply only to shares held from January 1 through December 31. If SPY has already risen, less room may remain before the cap. If it has fallen, part of the buffer may already be used up. Innovator posts daily updates on remaining buffer and cap at innovatoretfs.com/bjan. Gaps between market price and NAV can also shift results.
BJAN vs FJAN: what's the difference?
Both are U.S. equity buffer ETFs whose outcome periods reset each January. BJAN is run by Innovator and costs 0.79% a year. FJAN, from FT Vest, costs 0.85%. As of October 27, 2026, BJAN returned 13.5% over one year and 19.9% a year over three years. FJAN returned 12.3% and 17.4%. FJAN is far larger, with about $1.47 billion as of August 31, 2026, against BJAN's $342 million as of July 31, 2026. Their caps and buffers differ, so each prospectus is worth comparing.
Is BJAN good for retirement?
It depends on the role a retiree needs it to play. BJAN may suit someone who wants S&P 500 exposure, a cushion against the first 9% of yearly losses before fees, and is willing to accept a cap on gains. It pays no income, and the buffer works only over a full January-to-December period. It still fell 26.9% in early 2020. Costs total $978 over 10 years in the SEC's standard $10,000 example. Past results don't predict future ones.